Record first-half profits at Wal-Mart

US retail giant Wal-Mart yesterday posted record first-half profits but warned higher fuel prices were taking their toll on customers.

The company saidnet sales rose 9.8% to $147.7 billion (€119.73bn) in the first six months, while net profits lifted 9.3% to $5.3 billion (€4.3bn).

President and chief executive Lee Scott said results were “disappointing” earlier in the group’s second quarter, but July was stronger than expected.